Uefa general secretary Gianni Infantino insists he is 'not anxious' about the progress of talks with clubs on financial fair play penalties. Photograph: Martial Trezzini/AP

Manchester City have not yet reached a settlement with Uefa over the proposed sanctions they face for breaking financial fair play rules.

Uefa had hoped that Manchester City would agree to a fine of €60m (£49m) and restrictions on their European squad by the end of last week and had issued a "take it or leave it" offer over the weekend.

But the Manchester club, furious at being bracketed with Paris Saint-Germain and convinced they narrowly complied with the new rules according to their reading of them, have yet to settle with Uefa.

If no settlement is reached, the matter will be passed to the adjudicatory arm of Uefa's independent club financial control board, which has the power to impose an even heavier sanction. But Uefa is believed to be confident that a settlement can be reached and insists the process is still on track.

The other eight clubs under consideration by the CFCB, including PSG, are believed to have all-but agreed settlements with Uefa.

Uefa's general secretary, Gianni Infantino, said the procedure was "very clear" and insisted that decisions involving the nine clubs were on track.

"In terms of deadlines, this is still quite well on track," he said. "I'm not worried or anxious or concerned. It's a process. It's normal in legal proceedings where everything has to be analysed."

Infantino insisted the only deadline imposed by Uefa has been to have the process concluded by the start of next season's European competitions.